Canadian Stocks Fall In Global Rout -- Canadian Commentary

(RTTNews) - Canadian stocks fell for a second session on Monday, following global equities sharply lower on big losses among resource and tech stocks.

The S&P/TSX Composite Index fell 122.77 points, or 0.85 percent, to 14,270.33, as weakness emerged in just about every sector.

The decline follows a slightly worse than expected U.S. jobs report last Friday.

S&P/TSX Capped Energy Index lost one percent as U.S. crude oil futures dipped near $100 a barrel.

Health care stocks were also hammered, along with big tech companies.

Shares of Valeant Pharmaceuticals International Inc. (VRX.TO) dropped 4.5 percent. According to reports, Swedish firm Meda and Valeant have agreed to terminate the their joint ventures in Canada, Mexico and Australia in the second quarter of 2014.

Magna International Inc. (MG.TO) has announced that it will spend $1.5 million on an expansion of its plant in Newmarket, Ontario and create 75 new jobs. The stock lost 2.2 percent.ex c

Shares of private equity firm Onex Corp. (OCX.TO) lost 0.9 percent. Onex Corp. and Canada Pension Plan Investment Board have announced that they have agreed to sell industrial and automotive parts maker Gates Corp. to U.S. private equity firm Blackstone Group L.P. (BX) for US$5.4 billion.